Capital Square Realty Advisors, a Virginia-based commercial real estate investment firm launched earlier this year and led by Louis Rogers, a 29-year veteran of commercial real estate investments, announced that it had acquired a 20,458-square-foot medical office building in Greenville, North Carolina. While pricing and terms of the deal were not disclosed, the ECU Physicians Medical Office Building was listed for sale in May 2013 by Turner Financial Group for $4 million.
"This medical office building is leased on a 10-year term to one of the largest medical practices in Eastern North Carolina and is well located in a busy medical district," said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. "As a nation, Americans are growing older and demanding greater healthcare services such as those provided to the residents of Eastern North Carolina in this facility."
Built in 1989 and renovated in 2008, the ECU Physicians Medical Office Building is 100% occupied with a new 10 year lease with ECU Physicians, a credit tenant backed by East Carolina University which has a Moody's rating of Aa2 and a S&P rating of AA-. Located in the heart of Greenville's vibrant Medical District, the office can be expanded to add approximately 6,000 square feet of space without rezoning or complex engineering. The medical center serves as the teaching hospital for the Brody School of Medicine at East Carolina University and provides acute, intermediate, rehabilitation and outpatient health services to more than 1.4 million people in 29 counties.
For more news and information visit Blumberg Capital Partners.
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